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Responsibilities
Chapter 23: Social, Ethical and Environmental
| Term | Definition |
|---|---|
| Social Responsibilities | the duty to treat their stakeholders with honesty and fairness. It is the idea that a business has the obligation to make a positive contribution to the lives of the people and the environment it affects. |
| Stakeholders | the people who influence, or are influenced by, the business. |
| Investors | provide the capital the business needs to expand and set up. |
| Business Ethics | is a set of moral principles that guide businesspeople regarding how they should act in business situations. |
| whistle blowing | reporting of unethical behaviour |
| Code of ethics | . A written document that sets out guidelines for employees and managers to follow when making decisions. It tells them the correct way to behave and the right thing to do in a given situation. |
| Ethical Audit | where the business is assessed by an independent outsider.an ethical auditor. He examines every aspect of the business – how it is managed, where it buys its materials, what it sells and how it treats stakeholders. |
| Polluter Pays Principle | the more waste you have, the more you pay. |
| Pollution | introducing harmful substances into nature |
| Sustainable Development | meeting the needs of the present without compromising the ability of future generations to meet their own needs. |
| Environmental Impact Assessment | This involves assessing the impact of the business’s plans on the environment and taking steps to minimize any bad effects they may have. |
Created by:
jennymarshall
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